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Wearables Market to witness major growth in coming years

Author : Rahul Sankrityayan | Published Date : 2019-07-18 

Wearables Market size is projected to experience significant growth from 2019 to 2025. Growing innovations in the healthcare industry along with rising utilization of internet of things technology will significantly impel wearables market growth in the forthcoming years. Development of new platforms and technology in healthcare sector allows for improved management of diseases along with more precision. For instance, Health Care Originals is emphasizing on development of ADAMM-RSM, a patch-type wearable intended for respiratory monitoring in asthma patients. Such advancements will accelerate wearables industry growth in the foreseeable future.

Rising disposable income and increasing purchasing power of population in developing countries will positively influence wearables market growth over the coming years. According to WHO, the healthcare expenditure in emerging countries such as India was 3.63% in 2014 as compared to 3.89% of the total Gross Domestic Product in 2015. Thus, increasing healthcare expenditure coupled with rising need to adopt smart healthcare products due to low patient-doctor ratio in the country will augment wearables business growth in the forthcoming years.

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However, cost-intensive nature of wearable medical devices may hinder wearables market growth. In addition, less awareness in developing countries regarding such devices may hamper the wearables industry growth over the forecast timeframe.

Wearable vital signs monitor product type segment growth can be attributed to expanding applications of the technology. Wearable vital signs monitor can be used check body temperature, heart rate variations, oxygen saturation of blood as well as blood pressure. Furthermore, it can also be used to record and analyze respiratory and mobility patterns. Such benefits along with continuous development in the product will enhance segmental growth.

Watch product segment is forecasted to witness high growth over the projected timeframe. Simple and faster measurement of pulse and cardiac activity with the assistance from smaller devices will aid in segmental growth. Numerous technology developers are focusing on development of smart watches that will largely impact the demand among young population. With growing preference in younger population for smart watches as well as adoption of a healthy lifestyle, the demand for watches will considerably spur in the foreseeable future.

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Home healthcare application segment is forecasted to progress at significant CAGR over the forecast period. Ease of use at home and simplicity of design will be the major factors contributing to increase in segmental size over the coming years. In addition, convenience, flexibility, affordability and increase in adoption of self-check devices will majorly influence rise in home healthcare application segmental size.

U.S. wearables market is estimated to hold largest market share of North America wearables market throughout the projection period. High adoption of technologically advanced products along with greater spending power of the American population will stimulate demand for wearables. Moreover, rising incidence of diseases coupled with presence of well established market players such as Apple and Garmin will highly impact U.S. wearables industry growth in the forthcoming period.

China wearables market will grow at momentous pace over the forecast period. Robust usage of smartwatches and smart bands by the Chinese adult population will be the primary factor that will influence demand for wearables. Increasing geriatric patient pool suffering from chronic disorders will accelerate the adoption of wearable medical devices for faster and accurate patient monitoring. Additionally, emergence of numerous Chinese technology players will aid China wearables business expansion over the projected timeframe.

The major market players involved in the global wearables market include Apple, FitBit, Garmin, Hocomo and Philips Electronics. Firms are emphasizing on strategies such as novel product launch and strategic alliances to augment product portfolio as well as enhance their market reach. For instance, in November 2018, Hocoma announced its partnership with FREI AG, that will strengthen Hocoma’s product base in rehabilitation solutions.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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